KING WORLD NEWS - BLOG
BROADCAST../../../../Broadcast/Broadcast.html../../../../Broadcast/Broadcast.htmlshapeimage_6_link_0
HOME../../../../King_World_News.html../../../../King_World_News.htmlshapeimage_13_link_0
BUSINESS../../../../Business.html../../../../Business.htmlshapeimage_14_link_0
GREEN../../../../Green.html../../../../Green.htmlshapeimage_15_link_0
HEALTH../../../../Health_1.html../../../../Health_1.htmlshapeimage_16_link_0
ENERGY../../../../Energy.html../../../../Energy.htmlshapeimage_17_link_0
SPORTS../../../../Sports.html../../../../Sports.htmlshapeimage_18_link_0
GOLD+../../../../Gold.html../../../../Gold.htmlshapeimage_21_link_0
 

Here is what top Citi analyst Fitzpatrick told King World News, along with his powerful charts:  “What we are looking at is an overlay of the US dollar gold price, and then the gold price in terms of the Chinese yuan.  While at the moment the gold price has bottomed out a little higher than the levels we saw in late 2011 and into 2012, gold is bottoming out at almost identical levels when you look at it against the Chinese yuan (see chart below).




When we look back at the past year and a half, we have these two other occasions where we’ve bottomed out at these levels in terms of the Chinese yuan.  These bottoms have yielded an average up-move of $270 higher in about three months from when the base was put in.


This would suggest quite a strong rally is coming in gold over the next three to four months....


Continue reading the Tom Fitzpatrick interview below...




Advertisement


To hear which company has one of the highest grade gold deposits

in the entire world, as well as a number of other

extraordinary projects click on the logo:






“It’s important to note that if gold had a $270 move from current levels, that would be enough to get gold through that critical $1,790 to $1,800 level.  That break of $1,800, which we believe will come, would set gold up to move above the $2,050 area.”


Eric King:  “This chart of crude is fascinating (see below).  You called for this breakout.  It happened, we had the rise, we’re now backtesting, what about Brent crude here?”


Fitzpatrick:  “This move has taken us into some pretty strong support levels.  You can actually see the price of Brent crude retesting the breakout on the chart.  The daily momentum is also turning up from almost exactly the same levels as it turned up from in June of last year.


At that time Brent was in the $80s range and that was a precursor to a move that took the price of Brent up into the teens above the $100 level.  We feel with the strong up-move of $1.50 which we saw yesterday, that Brent is now poised to test the $119 area once again.  A break of that level would set Brent up for a move to test the highs Brent saw in 2012, and possibly a test of the old all-time highs that we witnessed in 2008.




When we look at our long-term charts, this correction reminds us of the set up in 2007 before we saw an 18-month move higher between 2007 and 2008.  This action also resonates very closely with what happened in the 1970s when we saw the same type of surge in 1973 to 1974 which was so similar to the surge we saw in 2007 and 2008.


Back in the 1970s oil retraced after the first major move, and this consolidation took place over a 5-year period.  Ultimately oil advanced 300% between 1978 and 1979.  So, even on a conservative basis, we feel that we could be seeing new all-time highs, and even a level as high as $180, with $200 as an outside possibility for Brent.  If this is the bullish setup we think it is, then $180 is not even an aggressive target.”


Eric King:  “What about silver here, Tom?”


Fitzpatrick:  “We have a very strong base in silver.  The lows have continued to hold as silver moves towards the end its long consolidation.  We have now completed a 76.4% retracement of that first move up.  So, again, silver is looking like it has formed a strong base here (see chart below).




The silver market will need a push to take it through the critical $35 to $36 area.  We believe a break through that resistance zone would open up the way for an acceleration in the price of silver back to the old all-time high of $50.  The setup in gold, oil, and silver suggest we will be seeing a pickup in terms of the prices in the weeks and months ahead.


It looks to us like oil might be leading the way higher for gold and silver as the liquidation in both gold and silver comes to an end.”


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The interviews with John Embry, Gerald Celente, Dr. Stephen Leeb, Jim Sinclair, Rick Rule, Ben Davies, Andrew Maguire and Marc Faber are available now.  Also, be sure to listen to the other recent KWN interviews which included James Turk, Egon von Greyerz, Felix Zulauf, Eric Sprott and Art Cashin by CLICKING HERE.


Eric King

KingWorldNews.com

To return to BLOG click here.


 
 
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
KWN BLOGhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlshapeimage_24_link_0shapeimage_24_link_1

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast,

rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

Subscribe to RSS
CLICK HEREhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlshapeimage_27_link_0shapeimage_27_link_1
KWN Blog
Archiveshttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlshapeimage_28_link_0shapeimage_28_link_1
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html